Obama seeks to end tax subsidies for oil companies
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US President Barack Obama on Tuesday urged Congressional leadership to take immediate action to eliminate unwarranted tax breaks for the oil and gas industry and to use those dollars to invest in clean energy and reduce America's dependence on foreign oil.
Obama shot off a letter to the Congressional leadership in this regard after the Speaker of the US House of Representatives, John Boehner, expressed openness to eliminating these tax subsidies for the oil and gas industry.
High oil and gasoline prices are weighing on the minds and pocketbooks of every American family, Obama said adding that while the economy has begun to recover, with 1.8 million private sector jobs created over the last 13 months, too many Americans are still struggling to find a job or simply just to pay the bills.
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